20 February 2018
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Indirect Tax GST 002007

  • One week to go! GST mop-up in January blows past Rs 90,000 crore
    Feb 16, 2018
    The pace of goods and services tax (GST) revenue, which gathered momentum in December after hitting a nadir in November, has accelerated further in January in what could validate the Centre’s optimistic estimates of revenue from this comprehensive indirect tax in the recent Budget. According to official sources, January GST mop-up was over well over Rs 90,000 crore on Wednesday, even as close to a week remained for taxpayers to file the month’s tax returns.
  • No GST on food served by hospitals to in-patients
    Feb 15, 2018
    The GST will not be charged on the cost of food served to patients by hospitals as advised by doctors, the government has said. However, patients who are not admitted will have to pay tax on the total value of food served by the hospital. In a set of FAQs, the Revenue Department also clarified that no Goods and Services Tax (GST) would be levied on services provided by senior doctors/consultants/ technicians hired by the hospitals as these are covered under healthcare services.
  • GST mop up could top Rs 1 trillion a month post anti-evasion steps
    Feb 14, 2018
    Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday. Once the GST return filing+ process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and matching the database of people filing GST with Income Tax returns filed, they said.
  • GST tweak brings relief to soft drink makers
    Feb 12, 2018
    A differential tax under the GST regime for various beverages has come as a boon for some soft drink players, which are reeling from heavy taxes on aerated drinks. Coca-Cola India, which last November launched Thums Up Charged, after the government announced the GST rates, falls in the 18 per cent slab. But its mother brand Thums Up and other cola drinks pay a stiff 40 per cent. A differential tax under the new goods and services( G ST) regime for various beverages has come as a bo on for some soft drink players, which are reeling from heavy taxes on aerated or carbonated drinks.Coca-Cola India, which last November launched Thu ms Up Charged, the first variant of its iconic brand, after the government announced the G ST rates, falls in the 18 percent GSTs lab.
  • GST on tickets to amusement parks lowered to 18%
    Feb 08, 2018
    Tickets to amusement parks, including theme parks, water parks and merry-go-rounds, will have 18 per cent GST with effect from January 25, lower than 28 per cent earlier, the Finance Ministry said on Wednesday. The ministry hoped that states through authorities, like panchayats and municipalities, would not increase the local taxes on entertainment and amusement and help keep the tax burden low. "This will ensure that the rate cut in GST is passed on to the children and families," it said.
  • E-way bill must for interstate goods movement from 1 February
    Feb 02, 2018
    The e-way bill, to be generated under the GST for all inter-state movement of goods valued at over Rs 50,000, will become mandatory from Thursday, on the day of the presentation of the Union Budget 2018-19 in Parliament. The implementation of this electronic documentation system, to track the movement of goods and designed to prevent tax evasion, was put on hold until after the Goods and Services Tax (GST) stabilised following the rollout of the new indirect tax regime from 1 July last year.
  • GST E-way bill system rolls out on Budget day; all you need to know
    Feb 01, 2018
    As a 15-day trial of the nationwide e-way bill came to an end yesterday on January 31, the new e-way bill system rolls out today. Under this bill, every transporter will have to carry a system-generated bill to move from goods from one place to another. These bills can be generated from the GSTN portal. The system was introduced in order to bring in seamless inter-state movement of goods across all the states.
  • GST mop-up on track; fisc not under threat
    Jan 29, 2018
    The Goods and Services Tax (GST) collections for December 2017 show an increase, but despite this there are concerns that the tepid collections since July could pose a problem on the fiscal deficit front. However, a closer look at the numbers shows that these fears are misplaced. The Centre’s tax collection, as per the CGA (Controller General of Accounts), appears to be on track to achieving the Budget estimates for 2017-18. There are, however, many trouble spots in the new regime.
  • At Rs 867.03 bn, GST receipts short of target for third month in a row
    Jan 27, 2018
    Goods and services tax (GST) collections for December did not deliver much comfort to the government ahead of the Budget 2018, although these rose after two months of declines. GST collections at Rs 867.03 billion were less than the target of Rs 910 billion combined for the Centre and states. The figures, released by the finance ministry on Thursday, highlighted subdued collection in the composition scheme — a flat rate provided to taxpayers who do not seek input tax credit.
  • Affordable homes get a govt boost, GST down to 8% from 12%
    Jan 27, 2018
    Affordable housing got one more boost from the government as the goods and services tax (GST) Council in its meeting on January 18 had recommended the effective GST rate of eight per cent for houses under the Pradhan Mantri Awas Yojana (PMAY) that provides credit linked subsidy scheme (CLSS). Currently, houses under construction attract GST at the rate of 18 per cent. But with the provision of deducting one-third of the house price towards the cost of land, the effective rate comes down to 12 per cent. This will be now down by 400 basis points to eight per cent for affordable homes.
  • India shaking off GST roll out woes, but oil price a risk: S&P
    Jan 24, 2018
    S&P Global Ratings today said the Indian economy is shaking off its post-GST implementation woes but risks from higher oil prices have reappeared. In a report titled APAC Economic Snapshots -- January 2018, S&P said overall economic risks in India remain low with pick up in industrial output and bank credit. "The Indian economy appears to be shaking off its post- GST implementation woes... Overall economic risks in India remain low, although risks from higher oil prices have reappeared," it said.
  • Deadline for input-output GST returns postponed by two days
    Jan 22, 2018
    The deadline for filing summary input-output returns — GSTR3B — has been extended by two days till Monday after the GST portal faced a technical problem on Saturday. The problem was associated with the filing of returns only, while other services such as payment, registration etc were running smoothly, the GST Network said in a statement.
  • GST compensation cess collection lower than states' shortfall in December
    Jan 20, 2018
    The shortfall in states’ revenue collection last month under the goods and services tax (GST) was higher than the compensation revenue collected by way of cess, a worrisome trend that was discussed by the GST Council on Thursday. The cess collected in December was Rs 78.5 billion, as against the shortfall of Rs 88.9 billion, “a grim situation,” said a senior official. “Hopefully, using the excess Integrated GST money will help.” The Council has levied additional cess on a handful of luxury and ‘demerit’ items in the highest, 28 per cent, GST slab.
  • How GST rate cut on housekeeping services will benefit start-ups
    Jan 20, 2018
    India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said. Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
  • GST Council Meet: What happened in terms of invoice filing and rate cuts?
    Jan 19, 2018
    Concerned over a trend of falling revenue, the Goods and Services Tax (GST) Council on Thursday resolved to bring in a clutch of anti-evasion measures but refrained from resuming the suspended system of three comprehensive returns, in order not to add to the compliance burden the taxpayers are vexed about. It also reduced the tax rates on as many as 29 goods, including old and used cars, SUVs and other vehicles, drinking water in 20-litre bottles, LPG supplied to households by private distributors, bio-diesel, bio-fuel buses, a clutch of pesticides and diamonds & precious stones.
  • GST on 29 items, 54 services cut; return filing to be simpler
    Jan 19, 2018
    The all-powerful GST Council today cut tax rate on 29 goods, including second-hand vehicles, confectionery and bio-diesel, while veering around to simplifying return filing process for businesses. Also, tax rate on 54 categories of services, including certain job works, tailoring services and admission to theme parks, have been lowered. The panel at its next meeting may also consider bringing under the Goods and Services Tax (GST) purview items like petroleum and real estate which are currently outside the new regime, Finance Minister Arun Jaitley said.
  • GST: Compliance falls for invoice returns
    Jan 18, 2018
    Compliance level for GST invoice-level filings continues to be low despite several extensions and, in all probability, are just over 30% right now. In the case of summary returns, however, compliance levels have been higher at around 65-70%. Detailed invoice-level filings are important because it is only after these details are available that GST authorities can check the levels of tax evasion. While the break-even GST collection is likely to be in the range of Rs 95,000-1,00,000 crore per month, in April-November collections have averaged Rs 87,000 — after Rs 92,000 crore for July, collections fell to Rs 81,000 crore for November.
  • Council may cut GST rates for 70 items; 40 on revision list
    Jan 17, 2018
    A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday. With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses.
  • Single GST form likely for service providers
    Jan 16, 2018
    Service providers such as telcos, banks, insurers and airlines may need to file just one centralised form in respect of the goods and services tax (GST), which will substantially ease the compliance burden on service providers with a multi-state footprint. The GST Council is expected to consider on January 18 significant relaxation in the law and procedures, including a centralised registration facility to make compliance easier.
  • GST Council may lower rates for farm gear, electric vehicles next week
    Jan 12, 2018
    The GST Council may take up rationalisation of the goods and services tax (GST) rates for a handful of items at its meeting next week. These items include bio-diesel buses, electric vehicles and irrigation equipment. The GST Council meeting will be its last one before the presentation of the Union Budget on February 1. The relatively small list for rate reduction was finalised by the fitment committee earlier this week and may be taken up by the GST Council, which is headed by Finance Minister Arun Jaitley and comprises state finance ministers.
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